Thursday, May 3, 2012

Banks~Doncha luv ’em

Customers facing historic high overdraft fees despite record low base rate

"Banks are charging customers the highest overdraft rates since records began. The average authorised overdraft rate is 19.52 per cent – nearly 40 times the base rate which has been kept at a historic low of 0.5 per cent for three years".

Posted by alan @ 08:37 AM (964 views)
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One thought on “Banks~Doncha luv ’em

  • mark wadsworth says:

    Alan, to be fair, the spread in absolute terms between lending rates and interest cost to the banks is pretty much unchanged on credit cards, i.e. about twenty per cent, it’s a high risk business with a lot of hassle and most amounts involved are relatively small. And the interest margin on home loans is still at its long term average of about 2% (i.e. banks charge 5% and pay 3%). In other words, the banks are doing just fine, nothing bad has happened to them, it’s business as usual.

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